Australian Student Visa Financial Requirements

Financial evidence is required for an Australian student visa.

Australian Student Visa Financial Capacity Requirements

Applicants must show they have enough money to meet all their expenses to study in Australia. This includes living costs, tuition fees, and any costs for family members coming along.

If a student can’t prove they have enough money, their visa application might be denied, even if they’ve already provided some proof. 

The evidence required depends on the visa type and the level of proof already provided.

Here’s what students can show to prove they have enough funds:

Income Proof: They can show that their spouse, partner, or parents have a specific yearly income. This income should cover travel costs, living expenditures for the first year, and tuition fees. They must also meet their school fees if they’re bringing school-age kids.

Savings Proof: They can show they have enough savings to meet their expenditures, including travel, living, and tuition costs. If their stay is less than a year, they need to show accounts proportionate to the duration of their stay.

Other Forms: They can complete the AASES document if they are secondary exchange students. They can also obtain a financial support letter from DFAT or Defense.

Income Requirements:

Some student visa 500 applicants are expected to have the choice to meet the financial condition through proof of annual income. In some countries, income isn’t reported to the state or taxed through companies, making it difficult to prove. Those unable to show income can verify they have enough savings for their expenditures.

The income must belong to the candidate’s spouse, partner, or parents. It should be at least A$72,465 for a single person and A$84,543 for a couple. This evidence of income must be official state documents, like last year’s tax assessments.

If the candidate’s spouse or partner is quitting their job to come with them, they need to show savings instead.

Family members joining after that also need to meet these financial conditions based on the type of visa the student already has.

Funds Required for Student Visa

To get a student visa for Australia, you need to confirm that you have enough capital for miscellaneous expenditures, such as travel, living expenses, course fees, and school fees if you’re bringing family members.

For Students Only:

For the first 12 months, you’ll be required to show the following:

– Living costs: A$24,505.

– First annual course fee

– Travel costs

For Family Applicants:

If you’re applying with family members, you need to show:

– Living costs for all: A$24,505 for the student, A$8,574 for adults, and A$3,670 for children

– First annual course fee

– School fees for school-age dependents counted at least A$9,661.

Travel cost. 

When applying from outside Australia, please include A$2,000 unless applying from East or Southern Africa, in which case A$2,500 should be included, or from West Africa, where A$3,000 is needed.

For applications made within Australia, please include A$1,000 unless you are returning to Africa, in which case A$1,500 should be included.

You must prove you have enough money to cover all the abovementioned expenses.

Sibling Students and Guardians:

If you have a sibling applying for a student visa or a guardian arriving with you, they’ll review if the capital you’ve offered is sufficient for both of you.

The First 12 Months:

You must show evidence of capital for the first 12 months of your stay, beginning from your expected arrival date. If you’re staying less than a year, you must show funds proportionate to your stay.

Other Important Details:

• Living costs rise yearly.
• Prepaid boarding or homestay costs can be subtracted from living costs.
• Course fees depend on your course dates rather than your stay duration.
• If you’ve prepaid any course fees, it will be deducted from the total payment you need to show.
• School fees for children must be retained if they’re applying for a visa.
• Travel costs are specified, but there might be exceptions for some nations.
• Exchange rates are used at the time of application.
• The minimum bank balance required changes depending on the type of course you’re applying for.

Genuine Access to Funds for Australian Student Visa Applicants

To get an Australian student visa, the candidate must show genuine access to funds. These reserves should be readily available to support the candidate (and any additional family members) throughout their stay in Australia. The legality of access to funds is evaluated based on different aspects linked to the applicant or the entity providing financial support.

Factors taken into account include:

• The career history of the candidate or the person supporting them.
• Revenue and assets of the applicant or supporter.
• Source of earnings used to complete monetary conditions, including third-party assistance and the nature of the connection with the sponsor.
• Prior visa history and financial capability while in Australia.
• Immigration trends and appropriate intelligence reports.

Annual Income:

Candidates showing sufficient funds through the annual earnings of their spouse, de facto partner, or parent must provide genuine access to these funds. 

Additional attention is warranted if the payment verification needs to meet the requirements, raising concerns about its sudden generation for visa purposes.

Money Deposits:

Money deposits held by the student, their spouse, de facto partner, or parents are usually considered satisfactory for genuine access. However, funds dedicated to others’ accounts may increase doubts about accessibility, mainly if numerous parties contribute to the applicant’s expenditures.

Consideration affects several factors, such as account ownership, connection with account holders, deposit records, and the nation’s exchange control laws.

Loans from Financial Institutions:

Loans should be in the candidate’s or sponsor’s name, and decision-makers may desire additional clarification to confirm the loan is planned for the student’s support. Elements like loan amount, timing, and collateral rights are considered to authenticate genuine access.

Government Loans, Scholarships, or Financial Support:

Funding from determined organizations, such as education providers, state organizations, or international organizations, generally completes genuine access requirements. However, additional proof may be required if there are doubts about the entity’s credibility or financial power.

Education Provider Scholarships:

Scholarships granted depend on merit by education institutions, which should be sufficient as long as they meet specific policy standards.

Corporate Sponsorship:

Corporate sponsorship can complete genuine access conditions if it aligns with the student’s role or fits the company’s requirements for training or retraining.

In all cases, detailed documentation supporting the legality and accessibility of accounts is required for a successful visa application.

Disclaimer: The above information is not tailored to personal circumstances. For information relevant to personal circumstances, please book an appointment with Oracle Immigration Consultant’s expert migration agents in Australia.
For any inquiries, please contact us at +61 430812158. We are premier Immigration agency and consultancy in Melbourne (Bundoora and Geelong).